Reassuring

(1) Bernanke accentuates the positives of Euro-Mess on US. (2) Bernanke endorses European actions to stem crisis. (3) European central banks aren’t drawing on their credit line at the Fed. (4) Numbers to watch to assess European credit crisis. (5) US mortgage applications plunge. (6) Latest Chinese data are reassuring, sort of. (7) Forward P/Es for the S&P 500’s sectors all dropping. (8) Forward P/Es for S&P 500 Value and Growth styles are doing the same. NOTICE: Our Morning Briefings are now available on FactSet.